FILE - Trader Michael Milano, center, works with colleagues on the floor of the New York Stock Exchange on May 30, 2024. World stocks are mixed on Friday, June 7, 2024, after a steady day on Wall Street as markets anticipate key U.S. jobs data to be revealed later in the day. released Friday came in hotter than expected, while the euro fell after French President Emmanuel Macron dissolved the National Assembly following a setback in Sunday's parliamentary election.
U.S. employers added 272,000 jobs in May, up from April and more than economists expected. The report also showed the unemployment rate rising for a second straight month. Overall, it signals continued strength in the jobs market, with some minor signs of weakening. The strong jobs market has supported consumer spending and the broader economy, but it has also been complicating the Federal Reserve's path ahead for interest rates.
A cooler economy can pull inflation lower and prompt the Fed to deliver the cuts to interest rates that traders desire. The danger is if the slowdown overshoots and turns into a recession, which would ultimately hurt stock prices.
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